In the past week, Bitcoin has shown impressive growth, surpassing the $50,000 mark for the first time since 2021. Despite some sideways movement, the cryptocurrency has held strong above $51,000. However, a respected crypto analyst has raised concerns about potential bearish pressure on Bitcoin in the near future. Ali Martinez, a prominent analyst on the X platform, has pointed to a one-to-four candlestick correction on BTC’s daily chart based on the Tom Demark Sequential indicator.
Martinez’s analysis focuses on the distribution of holders’ cost basis in various BTC price zones close to the current value. The strength of resistance or support levels is determined by the number of coins held by investors within a specific price range. The analyst highlighted significant resistance between $51,099 and $52,582, indicating a potential 8% price correction if Bitcoin fails to reclaim the $52,000 level. This correction could see the price drop to the $48,000-$46,500 range, a support level where over 1 million addresses hold 544,870 BTC.
As of now, Bitcoin is trading around $51,650, reflecting a slight 0.9% decrease in the past 24 hours. Despite some bearish pressure, the cryptocurrency has maintained most of its gains from the previous week. Over the last seven days, Bitcoin’s value has surged by more than 8%, with a cumulative growth of over 20% in February. This recent price increase has propelled Bitcoin’s market capitalization past $1 trillion, solidifying its position as the leading asset in the crypto market.
It is essential to note that the information provided in this article is for educational purposes only. The views expressed do not reflect the opinions of NewsBTC on investment decisions. Investing in any asset carries inherent risks, and individuals are encouraged to conduct their research before committing to any investment. All information provided on this platform should be used with caution and at the individual’s own risk.
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